News releases & coverage
December 15, 2010
3I SELLS HYVA TO UNITAS CAPITAL
15 December, 2010 - 3i, an international investor in private equity, infrastructure and debt management, funds managed by 3i, and the Hyva management team have signed an agreement to sell Hyva Holdings (“Hyva”), the market leader in hydraulic cylinders, to a consortium led by Unitas Capital (“Unitas”), a leading Asia-based investor in industrial and consumer-oriented businesses, for an enterprise value of EUR 525 million.
The deal is expected to complete in the first half of 2011 and is subject to approval by the relevant competition authorities.
Headquartered in Alphen aan de Rijn, the
Hyva is expected to generate annual revenues of approximately EUR 490 million in 2010 and employs approximately 1750 staff in 35 subsidiaries across 32 countries worldwide.
Founded in 1979, Hyva has developed through international expansion from a Dutch business into a global business that today derives more than 70% of sales from emerging economies such as
During 3i’s investment period, the company has significantly increased its investment in emerging markets which have grown from 23% to 73% of total sales. Hyva’s strong operating performance and managerial achievements were rewarded in 2010 with the “Best Managed Company 2010” award in the
Louwrens Dijkstra, CEO of Hyva, commented:
“I would like to thank 3i for their continuous support for our successful entrepreneurial and global growth in transforming a European Dutch based business into a truly global player with a market leading position in all the countries in which we operate. At the same time, we are excited by our new partnership with Unitas and I am confident that under the ownership of the Unitas consortium, we will continue our strategy of organic growth together with focused bolt-on acquisitions to widen and enhance the solutions that we offer to our more then 25000 customers around the globe.”
Menno Antal, 3i Partner, commented:
“Under 3i’s ownership Hyva has grown 3-fold in terms of turnover and EBITDA. Through its international network, 3i has been able to help the company further its global ambitions and build its manufacturing, R&D and sales/service infrastructure in
We are hugely grateful for the work that the senior management team, and in particular CEO Louwrens Dijkstra, have performed over the course of the years. We are proud to have been part of Hyva's success story and are confident that Hyva and its management will continue to prosper. With the Unitas consortium as new owners, Hyva has a new partner with strong Asian ties that will assist the company in further growth. "
John Lewis, Partner and CIO at Unitas commented:
“We're very excited to embark on this partnership with Hyva's management. Hyva is a great, entrepreneurial business with market leading positions in three of the four BRIC economies. We believe Hyva’s strong brand, distribution network, and dynamic management team will provide new opportunities for expansion in the infrastructure, mining and environmental sectors. Unitas has a successful track record of helping global industrial businesses grow in emerging markets, and we look forward to supporting Hyva with its continued expansion.”
Credit Suisse acted as exclusive financial advisor to 3i and Hyva in this transaction, while Allen & Overy acted as legal advisor.
Bank of America Merrill Lynch, Goldman Sachs, Nomura and Standard Chartered were financial advisors to Unitas. Bank of America Merrill Lynch was the lead M&A advisor. Weil, Gotshal & Manges acted as legal advisor.
For further information, contact:
|Kathryn van der Kroft||Tel: +44 20 7975 3021|
|Susannah Geary, Kreab Gavin Anderson||Tel: +852 2218 9919|
|Ellen Paulusma||Tel: +31 (0)172 423555|